Jindal Poly Films Ltd approves scheme of arrangement with Jindal Photo

The Board of Directors of Jindal Poly Films Ltd at its meeting held on January 12, 2015, have approved a scheme of arrangement as per the provisions of sections 391 to 394 of the Companies Act, 1956, as amended, or re-substituted or re-enacted from time to time (herein after referred to as the "Scheme of Arrangement").

The scheme includes the demerger of the manufacturing division ("Demerged Undertaking") of Jindal Photo Limited, a group company ("Demerged Company") into the Company (Jindal Poly Films Limited - Resulting Company). The Appointed Date of the Scheme of Arrangement shall be April 01, 2014 or such other date as may be approved by Hon'ble High Court of Judicature at Allahabad, Uttar Pradesh and the Hon'ble High Court of Bombay.

The Share Entitlement Ratio as per the scheme is, for every 59 (fifty nine) equity shares of face value of Rs. 10/- each held in the Demerged Company- Jindal Photo Limited, as on the Record Date, every equity shareholder of the Demerged Company shall be entitled to receive 10 (Ten) equity share of face value of Rs. 10/- each of the Resulting Company- Jindal Poly Films Limited, credited as fully paid-up.

Accordingly Resulting Company – Jindal Poly Films Limited. will issue apx. 17,38,700 (Seventeen Lacs thirty eight thousand seven hundred) fully paid-up Equity Shares of Rs. 10/- each to the Equity shareholders of Demerged Company – Jindal Photo Limited.

The share entitlement ratio is based upon the valuation report of M/s Haribhakti & Co. LLP, Chartered Accountants, Mumbai. Additionally, a Fairness Opinion on the proposed Scheme of Arrangement has been obtained from M/s SPA Capital Advisors Ltd, a SEBI registered Category I Merchant Banker. Both the Valuation Report and the fairness opinion have been duly approved by the Board.

The aforesaid Scheme of Arrangement is subject to various regulatory and other approvals and sanction by the Hon'ble High Court of Judicature at Allahabad (UP) and the Hon'ble High Court of Bombay.

Shares of JINDAL POLY FILMS LTD. was last trading in BSE at Rs.275.75 as compared to the previous close of Rs. 264.45. The total number of shares traded during the day was 131945 in over 7636 trades.

The stock hit an intraday high of Rs. 286 and intraday low of 264. The net turnover during the day was Rs. 36434594.

Shares of JINDAL PHOTO LTD. was last trading in BSE at Rs.182.9 as compared to the previous close of Rs. 201.85. The total number of shares traded during the day was 111837 in over 5625 trades.

The stock hit an intraday high of Rs. 207 and intraday low of 181.7. The net turnover during the day was Rs. 21378752.

Source : Equity Bulls

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